CEO held for cheating of Rs 18 crore in an education loan scam
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A Bengaluru-based CEO of an online ‘data science programme’ firm has been held for cheating of Rs 18 crore in an education loan scam.
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An officer said, “The firm was supposed to continue paying the EMI until the student secured employment, after which the responsibility would shift to the student.”
“However, the accused failed to honour the agreement. They stopped depositing the EMIs into the student’s account from the third month and demanded the remaining payments, stating that the agreement had been canceled for unknown reasons”, an officer added.
An officer further added, “The student, who had not completed the online course and was unemployed, found it unable to fulfill the payment obligations.”
A complaint has been filed against the CEO and other executives and accused them of cheating. The police arrested Geeklurn Sreenivas CEO.
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The other accused Raman P C, chief financial officer, and Aman, Operations head have to be arrested.
The company has cheated 2,000 students of Rs 18 crore on fake promises to generate educational loans and misappropriate the funds.
Police officials have informed that each of those students was cheated in excess of Rs 2 lakh. The incident came to light when a student, 26, had enrolled in the firm’s 24-month data science course in December.
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About the Author
Sheenu Pradhan
Sheenu Pradhan, Editor Content, SightsIn Plus. She has over 8 years of experience in human resources. Prior to this, she has been associated with Wictor Chemicals India, Wipro, and Shakti Plas Industry.
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